Qorvo Price Targets Up After Earnings and Guidance

Qorvo's earnings report and guidance prompted a number of Wall Street analysts to lift their share-price targets.
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Qorvo  (QRVO) - Get Report shares rose on Thursday after the wireless-technology company reported stronger-than-expected earnings. 

That report led several analysts to raise their share-price targets on the provider of technology for mobile service, infrastructure, and aerospace and defense.

Qorvo recently traded at $148.24, up 11%. The shares had climbed 15% year to date through Wednesday.

Needham analysts lifted their target to $200 from $160, affirming their buy rating.

Qorvo “delivered revenue well ahead of expectations and guided to record operating margins for the coming quarter,” the analysts wrote in a commentary cited by Bloomberg.

Benchmark analysts raised their share-price target to $155 from $135, maintaining their buy rating. 

They named Qorvo a top pick for the rest of the year, “given its positioning to benefit from RF [radio frequency] content increases in 5G smartphones,” Bloomberg reports.

Qorvo’s earnings came in “much better than expected,” and its outlook is “very strong,” the analysts said.

Mizuho Securities analysts boosted their price target to $155 from $150, keeping a buy rating. 

They were impressed with Qorvo’s earnings and said the Greensboro, N.C., company is “well positioned with the beginning of a multiyear 5G ramp,” according to Bloomberg.

BMO Capital Markets analysts pushed up their price target to $135 from $125, keeping their market-perform rating. 

“After quite a few years of disappointment” about gross margins, “Qorvo hit the 50% target and then some,” they said, according to Bloomberg. In addition, cash flow execution “has gotten progressively better,” the analysts said.

Morningstar analyst Brian Colello puts fair value for Qorvo at $140. 

“Qorvo remains well positioned to profit from greater 5G radio frequency, chip content per devices, not only within mobile phones but, importantly, in 5G infrastructure equipment,” he said.